Haier 2009 Annual Report Download - page 29
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FINANCIAL REVIEW 財務回顧
海爾電器集團有限公司 27
Liquidity And Financial Resources (Cont’d)
The Group has maintained a healthy financial and liquidity position
with a current ratio of 130% as at 31 December 2009 (2008: 123%).
As at 31 December 2009, the Group had a cash and cash equivalents
balance of RMB1,295 million (2008: RMB613 million); bank and other
borrowings amounted to approximately RMB74 million (2008: RMB143
million) of which none (2008: RMB25 million) was due within one year
and approximately RMB74 million (2008: RMB118 million) was due
over one year.
Due to our focus on cashflow management, the Group has been able
to maintain a very strong cash position with a net cash balance (cash
balance less borrowings) of RMB1,221 million as at 31 December 2009.
Our sufficient balance of liquidity ensures that we will have a financial
flexibility when the market recovers and investment opportunities
arise.
The Group’s borrowing requirements are not subject to any material
seasonal effect.
The Group had capital commitments amounting to RMB21 million as at
31 December 2009 (2008: RMB30 million), all being contracted capital
commitments, which were mainly related to the purchase of fixed assets
for the expansion in production capacity of the Group’s businesses.
Capital Structure and Gearing Ratio
Gearing Ratio
As at 31 December 2009, the Group’s gearing ratio (defined as total
borrowings over net assets) was 5% representing a decrease of 8% as
compared to 2008 (13%).
130%
123%
1,295,000,000
613,000,000
74,000,000
143,000,000
25,000,000
74,000,000118,000,000
1,221,000,000
21,000,000
30,000,000
5%
13%8%